Have you ever wondered how does an escrow work or how many steps are involved in an escrow?
The life of an escrow begins when a request to open an escrow is received. The first stage is preparing the escrow documents which are reviewed and signed by the relevant parties. Next, the title and financial process begins. For the title, a title search is made, preliminary title reports are reviewed and outstanding liens, taxes, etc, are determined. The financial part begins by contacting the lender who will provide a copies of the loan application. Any amendments for the loan are made at this time.
After the preliminary escrow work is done, a review is conducted to make sure all conditions, such as insurance, inspections and bill of sale, have been met. Once these items have been satisfied, closing documents for both the buyers and sellers are created.
Title documents are now forwarded to the title company and loan documents are returned to the lender for review. Next, funds are obtained from the buyer and the lender and disbursed accordingly and the closing is completed. Final documents are provided to all pertinent parties and the new title is recorded.
If you are in need of an escrow company or have any questions regarding the escrow process, please do not hesitate to contact Brighton Escrow.